University of Illinois, Chicago

ACTG 210

Quiz 1

1)The financial statement that summarizes the changes in the retained earnings for a specific period of time is the

2. Stockholders equity can be described as claims of
3. To show how successfully your business performed during a period of time, you would report its revenues and expenses in the
4. Net income results when
5. Jack and Jill form a partnership. Jack runs the business in New York while Jill vacations in Hawaii. During that time Jill is away from the business, Jack increases the debts of the business by
   1. $20,000. Which of the following statements is true regarding the debt?
6. Financial accounting ethics violations are
7. The common characteristics possessed by all assets is
8. External users of accounting information, like the IRS, are most commonly known as
9. Buying assets needed to operate a business is an example of a(n)
10. The statement of cash flows would disclose the payment of a dividend
11. Which of the following is an asset?
12. Which of the following is the BEST definition of an internal user of accounting information?
13. IFRS compared to GAAP, tends to be more
14. The cost of assets consumed or services used is also known as
15. Which of the following groups uses accounting information primarily to insure the entity is operating when prescribed rules?
16. A corporation has which of the following set of characteristics
17. The best definition of assets is the
18. Which of the following is NOT a step for solving an ethical dilemma?
19. Which of the following is a user of accounting information with an indirect financial interest in a business?